Wednesday , July 28 2021

Turkish inflation of 25 percent

Inflation in the year from October last year to October this year was 25.2 percent. In the period from September last year to September this year, inflation was 24.5 percent.

Price increase from September to October was 2.67 percent, TurkStat continues.

Last week, the central bank raised its inflation forecast to 23.5 percent by the end of the year.

According to TurkStat, food prices have risen by 29.26 percent in one year. Last week, the central bank also increased the food price forecast to 29.5 percent by the end of the year, a significant increase from the previous forecast of 13 percent.

Inflation reached the highest level of 15 years in June, when it was 15.39 percent. Since then, inflation has continued to grow. Currency of the country has lost value for more than 40 percent compared to the dollar since the beginning of the year. This is partly due to diplomatic fraud and trade disputes with the United States, as well as the concerns of investors about the independence of the central bank.

(© NTB)

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